Lacerte and QBI deduction for rentals - Spidell

Lacerte and QBI deduction for rentals

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Message Board Lacerte and QBI deduction for rentals

This topic contains 1 reply, has 2 voices, and was last updated by Peter Muffoletto 2 months ago.

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  • #161271
    Dale Best
    Participant

    I use Lacerte.  My client has rental properties (the only QBI activity) that we are qualifying as a QBI activity, aggregated.  The properties have a net loss for 2018 as well as some suspended losses carried to 2018.  Lacerte is calculating and allowing a QBI deduction for this activity.

    It doesn’t seem correct to me but Lacerte claims their calculation is correct.

     

  • #161301
    Peter Muffoletto
    Participant

    don’t trust Lacerte.

    this morning i contacted their support lines regarding the error the IRS just announced relating to applying the incorrect tax against capital gains – the IRS had been using the 25% and 28% rates against capital gains – Lacerte personnel had no idea, nor had anyone within Lacerte figured that out in the beginning in issuing their software.

    do your own calculations.